Charles Hoskinson's 'I Will Find You' Pledge After Cardano Hack

On December 8, the Cardano Foundation’s X account fell victim to a cyberattack, misleading users and rattling market sentiment. The attacker exploited the account to promote a fake launch of a token called ADAsol. The fraudulent post claimed that the Cardano Foundation would cease support for its native ADA token due to a supposed lawsuit from the U.S. Securities and Exchange Commission (SEC).

Fraudulent Claims Spark Panic Among Investors

The attacker’s false narrative triggered confusion and panic in the community. Users rushed to trade, pushing the ADAsol token’s volume to $500,000 before the Foundation reclaimed control of its X account. To counter the misinformation, the Cardano Foundation swiftly clarified that ADA remains the core of its ecosystem. It firmly denied any plans to transition to another token, dismissing all related claims as baseless.

Cardano founder Charles Hoskinson reacted strongly to the incident, taking to his X account to criticize the attackers. He condemned them for misusing the Foundation’s credibility and pledged to identify and hold them accountable. His “I will find you” stance echoed a firm commitment to protect the community and maintain the Foundation’s integrity.

Impact on ADA’s Price and Market Sentiment

The attack significantly impacted ADA’s price and market activity. Following the breach, ADA’s price dropped by 4.63%, closing at $1.14. The token’s market capitalization shrank by 3.98% to $40.13 billion. In contrast, trading volume surged 11.23% to $1.63 billion as investors reacted to the sudden developments. Analysts linked the trading spike to panic-driven moves by holders trying to secure their positions.

Despite the price drop, ADA’s large circulating supply of 35.10 billion tokens out of a total 45 billion helps sustain stability within the ecosystem. The volume-to-market-cap ratio of 4.04% indicates relatively low trading activity compared to its market size. While this figure highlights limited short-term movements, it also reflects ADA’s ability to absorb market shocks.

The breach underscored the importance of heightened security on social platforms tied to blockchain projects. It also emphasized the need for users and organizations to remain vigilant against similar attacks.

The Cardano Foundation’s quick response and Charles Hoskinson’s determined stance send a clear message: threats to the community’s trust will not go unanswered.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.